sports betting markets

Most Loved and Profitable Sports Betting Markets in Singapore

Sports betting provides people a fun way of gambling by placing wagers on their favorite sports. Its considerable growth over the years is primarily due to the rising licensed online platforms and various governments legalizing sports betting: though with restrictions and regulations.

The popularity of international sporting events and other high-end sports plays a significant role in further supplementing the sports betting market’s growth. In 2019, the sports betting market was valued at US$85.047 billion and was projected to continue growing.

As one of the most prominent gambling destinations globally, it is easy to think how lucrative the sports betting industry in Singapore is – with people worldwide contribute billions of dollars to various licensed bookmakers and international gambling companies.

Is sports betting legal in Singapore?

As many Singaporeans love sports betting, it is surprising that it is heavily regulated under a few gambling laws and acts such as the Common Gaming Gambling Act, Betting Act, and the Remote Gambling Act. Since 2014, only two domestic operators, namely Singapore Pools and Singapore Turf Club, are the option for people when it comes to betting.

There are no local Singapore betting sites as it is a clear violation of Singapore’s 2014 Remote Gambling Act. A Singapore bookie can only operate legally in the country if services are offered physically. In other words, Singapore online sportsbooks are prohibited by the law.

As such, many singaporeans prefer foreign bookies over local operators. The two domestic operators in Singapore for sports betting are heavily restricted in terms of the number of sports and markets available on their platforms.

Compared to domestic operators, foreign sportsbooks offer better odds with bonuses and promotions for new and even seasoned players. Considering the benefits offered by international bookies, it is easy to see why Singaporeans would want to bet on them rather than local ones.

Fortunately, there are still reputable Singapore betting sites that accept bets from punters. However, for people looking for some of the best, most loved, and profitable betting markets in Singapore, read on below. Whichever you pick is guaranteed to provide the best possible sports betting experience.

1xBet

Established and Licensed since 2012, 1xBet Sports is a bookmaker capable of satisfying even veteran punters with over 1,000 betting shops. This bookmaker offers a wide variety of options for sports and casino games. For sports betting, it offers live match streaming and sports from a casino. The website can cater to different people worldwide as it is available in 40 languages and accepts many currencies such as bitcoin for deposits and payments.

Also, it offers some of the highest odds, and new customers can claim a welcome bonus of $100. With its competitive range of options and prices, 1xBet can lead bet markets.

22Bet

22Bet has over 1,000 sports events covered daily. Its website can deliver a secure and reliable service to its customers and is available in over 30 languages. Its wide variety of sports markets and betting options makes it one of the most popular bookmakers online. Also, new players can enjoy great incentives and promotions, which are processed within seconds.

FEZbet

Compared to other prominent bookmakers, FEZbet is relatively new to the industry, established in 2020. However, it does not lack behind its other competitors as it is already showing its great potential. It is among the best sites that can provide the entertainment of betting on sports and casino games.

Their website is secure and well-designed, which is highly compatible with mobile devices. Also, it has an impressive selection of betting markets, ensuring a wide variety of betting choices available for players to enjoy. Also, players can rely on various bonuses and a long list of payment methods and currencies.

20Bet

20Bet Sportsbook is operated by Tech Solutions Group NV – a global leader in iGaming and Sports betting, which people would know if they are familiar with 22Bet. This site is established to combine online casino and sports betting services. Different people worldwide can access their site with 17 languages available and their excellent customer support 24 hours a day. It includes thousands of betting markets and epic promotions equivalent of terrific value.

BetWinner

BetWinner is an internationally recognized betting regulator despite its late start in the online booking environment. As such, people can ensure that their money is secured. They offer a wide selection of markets and provide a substantial number of sporting events covering worldwide.

Their website has the latest online gambling design and technology to create a stylish yet user-friendly website. It also incorporates casino games that offer players the chance to engage in all types of gambling activities using a single account.

It offers a multitude of 50 languages to cater to international players: at the same time, attract new ones. Also, players have a vast selection of international banking options, and they can easily choose what options are most convenient for them.

Tax on Gambling Winnings in Singapore

“Do I need to pay taxes on my winnings?” is perhaps the question that every gambler in Singapore is curious about with an answer that will surely delight them. There is no legal framework regarding online betting in Singapore. Hence, punters do not have to pay taxes on their winnings. It is the same for winnings from international betting sites. Also, casino winnings in Singapore are not taxable as they are considered windfalls and not income.

Popular Sports for Betting in Singapore

For beginners, it is an excellent idea to start betting on sporting events chosen by many punters. Sports such as football, horse racing, cricket, eSports, basketball, and tennis are some of the games which many bettors, not just in Singapore, are fond of and have been engaged with for the longest time.

It is important to remember that different bookmakers differ from the sports they offer. Choose one that will suit your needs and preferences. Moreover, betting on sports is as easy as a single click on your devices. Select only the best and reputable sites to ensure a reliable, safe, and memorable betting experience.

 

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